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Document 32009O0023
Guideline of the European Central Bank of 4 December 2009 amending Guideline ECB/2007/9 on monetary, financial institutions and markets statistics (ECB/2009/23)
Guideline of the European Central Bank of 4 December 2009 amending Guideline ECB/2007/9 on monetary, financial institutions and markets statistics (ECB/2009/23)
Guideline of the European Central Bank of 4 December 2009 amending Guideline ECB/2007/9 on monetary, financial institutions and markets statistics (ECB/2009/23)
OJ L 16, 21.1.2010, p. 6–47
(BG, ES, CS, DA, DE, ET, EL, EN, FR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
Special edition in Croatian: Chapter 01 Volume 009 P. 67 - 108
No longer in force, Date of end of validity: 31/12/2014; Implicitly repealed by 32014O0015
21.1.2010 |
EN |
Official Journal of the European Union |
L 16/6 |
GUIDELINE OF THE EUROPEAN CENTRAL BANK
of 4 December 2009
amending Guideline ECB/2007/9 on monetary, financial institutions and markets statistics
(ECB/2009/23)
(2010/34/EU)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Articles 5.1, 12.1 and 14.3 thereof,
Having regard to Regulation (EC) No 63/2002 of the European Central Bank of 20 December 2001 concerning statistics on interest rates applied by monetary financial institutions to deposits and loans vis-à-vis households and non-financial corporations (ECB/2001/18) (1),
Having regard to Regulation (EC) No 24/2009 of the European Central Bank of 19 December 2008 concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions (ECB/2008/30) (2),
Having regard to Regulation (EC) No 25/2009 of the European Central Bank of 19 December 2008 concerning the balance sheet of the monetary financial institutions sector (ECB/2008/32) (3),
Whereas:
(1) |
Guideline ECB/2007/9 of 1 August 2007 on monetary, financial institutions and markets statistics (4) should be aligned with the recast Regulation (EC) No 25/2009 (ECB/2008/32) and Regulation (EC) No 290/2009 of the European Central Bank of 31 March 2009 amending Regulation (EC) No 63/2002 (ECB/2001/18) concerning statistics on interest rates applied by monetary financial institutions to deposits and loans vis-à-vis households and non-financial corporations (ECB/2009/7) (5). |
(2) |
New standards are required for the grossing-up of data on money market funds (MMFs) and for the selection of the most representative reference reporting population. |
(3) |
The new MMF balance sheet should be an aggregated balance sheet consistent with that resulting from Regulation (EC) No 958/2007 of the European Central Bank of 27 July 2007 concerning statistics on the assets and liabilities of investment funds (ECB/2007/8) (6). The reporting burden can be reduced by making the compilation of credit institutions (CIs) and MMFs balance sheets more efficient, i.e. by producing the CI balance sheet as the difference between the other monetary financial institutions (MFI) data and the MMF data. |
(4) |
Due to the enhanced requirements for reporting information on securitisation and other transfers of MFI loans granted to non-MFIs introduced by Regulation (EC) No 25/2009 (ECB/2008/32), the reporting of statistics in these areas is no longer necessary. |
(5) |
National central banks have started to report investment funds statistics in the context of other financial intermediaries’ statistics under Article 18 of Guideline ECB/2007/9, meaning that the transitional regime under Article 14(6) is no longer required. |
(6) |
New reporting requirements for loans granted by euro area MFIs to non-financial corporations broken down by branch of activity are necessary to enhance the economic and monetary analysis of credit developments. |
(7) |
The names of payment systems are subject to frequent changes and therefore the list of names in Part 13 of Annex III to Guideline ECB/2007/9 should be deleted, |
HAS ADOPTED THIS GUIDELINE:
Article 1
Guideline ECB/2007/9 is amended as follows:
1. |
Article 1(3) is replaced by the following: Only the reporting set out in Articles 3, 6, 7, 10, 11, 14 to 17 and 18a is subject to back data reporting requirements.
|
2. |
Article 3(1)(a) is replaced by the following: NCBs shall compile and report two separate aggregated balance sheets, both on a gross basis, in accordance with Regulation (EC) No 25/2009 (ECB/2008/32): one referring to the MFI sub-sector “central bank” and one referring to the sub-sector “other MFIs”. NCBs shall derive the required statistical information concerning their own central bank balance sheet from their accounting system by means of the bridging tables set out in Annex I. The ECB, for statistical reporting purposes, shall derive data from its own balance sheet, corresponding to the data derived by the NCBs from their own balance sheets. NCBs shall derive the required statistical information concerning the other MFIs’ bank balance sheet by aggregating the balance sheet items (BSI) data collected from resident individual MFIs excluding the resident NCB. These requirements shall cover end-month and end-quarter outstanding amounts (7) (stocks), monthly and quarterly flow adjustments data, and data on loan securitisations and other loan transfers. NCBs shall report statistical information on balance sheet items in accordance with Part 1 of Annex III. |
3. |
Article 3(4) is replaced by the following: Where NCBs grant derogations to MMFs in accordance with Article 8(1)(a) of Regulation (EC) No 25/2009 (ECB/2008/32), NCBs shall ensure that their combined contribution to the total national MMF balance sheet does not exceed:
Where NCBs grant derogations to MFIs in accordance with Article 8(1)(a) and/or (d) of Regulation (EC) No 25/2009 (ECB/2008/32), NCBs shall gross up to 100 % coverage for these MFIs in the compilation of the monthly and quarterly MFI balance sheet data reported to the ECB. NCBs may choose the procedure for grossing up to 100 % coverage, provided it fulfils the following minimum standards:
NCBs shall inform the ECB of any significant changes in their grossing-up procedures.’ |
4. |
Article 10 is replaced by the following: ‘Article 10 Money market funds balance sheet statistics NCBs shall report to the ECB separate balance sheet items data for the MMF sector in accordance with Tables 1 and 2 in Part 7 of Annex III. The data are used by the ECB to compile both MMF and credit institution balance sheet statistics. Since data on the entire MFI sector are already reported in accordance with Regulation (EC) No 25/2009 (ECB/2008/32), the requirements set out in this Article shall apply only to MMFs. Although in some Member States a small number of other institutions are classified as MFIs, these institutions shall be considered insignificant from a quantitative perspective. Reclassification and revaluation adjustments data as referred to Table 1 in Part 7 of Annex III shall be reported in accordance with Article 3(1)(b), taking into account any derogations granted under Article 8(2) of Regulation (EC) No 25/2009 (ECB/2008/32). Where reporting of revaluation adjustments is subject to a derogation granted by NCBs to MMFs under Regulation (EC) No 25/2009 (ECB/2008/32), NCBs shall report, for items in respect of which revaluation adjustments can be significant, data on a best effort basis. Data shall be reported quarterly within 28 working days from the end of the reference period. The data reported in respect of the MMFs’ balance sheet shall cover 100 % of the institutions classified in this sector. Where the actual reporting coverage is less than 100 % due to the application of the cutting-off-the-tail, NCBs shall gross up the data supplied in accordance with Article 3(4)(b) to ensure 100 % coverage. NCBs which were reporting credit institutions balance sheets for periods prior to end-December 2008 shall transmit revisions to MMF data in accordance with Tables 1 and 2 in Part 7 of Annex III. Any revisions to MMF data shall be consistent with the corresponding end of quarter other MFI data. In the event that transmission of new or revised MMF data implies changes to the data for the corresponding other MFI reference period, required revisions for other MFI data shall also be transmitted.’ |
5. |
Article 13 is deleted. |
6. |
The title of Article 14 is replaced by the following: ‘Other financial intermediaries’ statistics (except investment funds and financial vehicle corporations)’. |
7. |
Article 14(1) is replaced by the following: NCBs shall report statistical information on other financial intermediaries (OFIs) (except investment funds and financial vehicle corporations engaged in securitisation transactions (FVCs)) in accordance with Part 11 of Annex III. Data shall be transmitted separately for the following sub-categories of OFIs: (i) securities and derivatives dealers (SDDs); (ii) financial corporations engaged in lending (FCLs); and (iii) other OFIs. Data relating to OFIs shall be transmitted on the basis of data currently available at national level. Where actual data are unavailable or cannot be processed, national estimates shall be provided. Where the underlying economic phenomenon exists but is not monitored statistically and therefore national estimates cannot be provided, NCBs may choose either not to report the time series or to report it as missing. Any unreported time series shall therefore be interpreted as “data that exist but are not collected” and the ECB may make assumptions and estimates for the purpose of compiling euro area aggregates. The reference reporting population shall comprise all types of OFIs resident in the participating Member States: institutions located in the territory, including subsidiaries of parent companies located outside that territory, and resident branches of institutions that have their head office outside that territory. The following key indicators and supplementary information shall be provided:
Flow adjustment data may be reported in the case of significant breaks in stocks or when reclassifications and other adjustments occur. In particular, flow adjustment data may be provided due to reclassifications in the context of the implementation of the ESA 95 framework. Reclassification adjustments shall be reported in accordance with Article 3(1)(b).’ |
8. |
Article 14(6) is deleted. |
9. |
Article 16(1) is replaced by the following: For the purposes of MIR statistics, NCBs shall report aggregated national monthly statistics relating to outstanding amounts and new business as specified in Appendices 1 and 2 of Annex II to Regulation (EC) No 63/2002 (ECB/2001/18). In addition, NCBs shall report aggregated national monthly statistical information relating to new business as specified in Part 12a of Annex III. If the derogation provided for in paragraph 61 of Annex II to Regulation (EC) No 63/2002 (ECB/2001/18) in conjunction with Annex IV to Regulation (EC) No 63/2002 (ECB/2001/18) is granted, NCBs shall submit the items to which the derogation has been granted without values, indicating that the data have not been collected.’ |
10. |
Article 17(2), (3) and (4) are replaced by the following: The series shall be reported annually to the ECB, regardless of the data frequency. The data frequency shall be annual for all items in Tables 4 to 9. The MFI balance sheet information in Table 1 shall be monthly. The credit institutions’ balance sheet information contained in Tables 2 and 3 shall be quarterly except for items referring to positions with the NCB and electronic money institution items, which shall be annual. Structural information on credit institutions contained in Table 3 shall be annual. For Tables 1 to 3, if the availability of data is severely restricted, NCBs may transmit a minimum set of data to ensure a timely and valid publication. The minimum set of data shall include:
The ECB shall communicate to the NCBs for each year the precise dates for the data submission in the production round. NCBs may transmit actual data either prior to the production round, subject to the ECB’s confirmation of its readiness to receive data, or at any other times during production rounds. In the absence of actual data, NCBs shall use estimates or provisional data where possible. The data providers or the NCBs may perform revisions based on recalculations or on estimates. NCBs shall transmit revisions to the ECB as part of the production round. The ECB shall send to NCBs the previous year’s explanatory notes in Word format, prior to the start of the production round, which shall be completed and/or corrected and returned to the ECB. In these explanatory notes, NCBs shall explain deviations from the requirements in detail, if possible including the impact on the data.’ |
11. |
Article 18(10) is replaced by the following: NCBs shall provide to the ECB on an annual basis either: (i) indicators analysing the coverage and quality of the relevant set of securities in the CSDB, in accordance with the methodology separately communicated to them; or (ii) the relevant information needed to derive the coverage and quality indicators. NCBs relying on national securities databases shall once a year provide to the ECB aggregated results covering one quarter and at least two statistically significant sub-sectors of IFs. These aggregated results shall not differ by more than 5 % from the results which would be obtained when using the CSDB. This provision shall apply to information which is not reported by IFs. The above information shall be transmitted to the ECB by the end of February each year by taking as a reference the end-December data of the preceding year.’ |
12. |
The following Article 18b is inserted: ‘Article 18b Statistics on MFI loans to non-financial corporations by branch of activity NCBs shall report to the ECB, where available, data on MFI loans to domestic non-financial corporations, and MFI loans to other participating Member States’ non-financial corporations broken down by branch of activity following the statistical classification of economic activities in the European Community — NACE Rev.2, in accordance with Part 16 of Annex III. NCBs shall report to the ECB the data at biannual frequency, by the end of March and the end of September with reference to the two preceding quarters. NCBs shall report revisions in accordance with the following principles:
The NCBs shall report to the ECB any significant changes in the national definitions and classifications used and shall submit explanatory notes explaining the reasons for significant revisions, where applicable. In addition, NCBs shall provide information on major reclassifications in the MFI sector and, if available, major reclassifications of non-financial corporations in the NACE Rev.2 breakdowns transmitted.’ |
13. |
Article 19(1) is replaced by the following: The variables collected to establish and maintain the list of MFIs for statistical purposes which is referred to in Article 3 of Regulation (EC) No 25/2009 (ECB/2008/32) are specified in Part 1 of Annex VI. NCBs shall report updates of the variables specified in Part 1 of Annex VI, either when there are changes in the MFI sector or when there are changes in attributes of existing MFIs. There are changes in the MFI sector when an institution joins the MFI sector (i.e. in the event of establishment of an MFI as the result of a merger, establishment of new legal entities as the result of the division of an existing MFI, establishment of a new MFI, or change in the status of a previous non-MFI such that it becomes an MFI) or when an existing MFI leaves the MFI sector (i.e. in the event of the involvement of an MFI in a merger, purchase of an MFI by another institution, division of an MFI into separate legal entities, change in the status of an MFI such that it becomes a non-MFI, or liquidation of an MFI). When reporting a new institution or an institution to be modified, NCBs shall complete all mandatory variables. When reporting an institution leaving the MFI sector which is not part of a merger NCBs shall report the following information as a minimum: the type of request, i.e. deletion, and the identification code of the MFI, i.e. the “mfi_id” variable. NCBs shall not reallocate MFI identification codes of deleted MFIs to new MFIs. If this action is unavoidable, NCBs shall submit a written explanation to the ECB at the same time (using the “object_request” type “mfi_req_realloc”). When reporting updates, NCBs may use their national character set, provided they use the Roman alphabet. NCBs shall use Unicode to correctly display all special character sets when receiving information from the ECB via the Register of Institutions and Assets Database (RIAD) Data Exchange System. Prior to the transmission of updates of the list of MFIs to the ECB, NCBs shall carry out the validation checks set out in the relevant data exchange specifications.’ |
14. |
Article 20(1) is replaced by the following: The variables collected to establish and maintain the list of IFs for statistical purposes, which is referred to in Article 4 of Regulation (EC) No 958/2007 (ECB/2007/8), are specified in Annex VII. NCBs shall report updates of the variables specified in Part 1 of Annex VII either when there are changes in the IF sector or when there are changes in attributes of existing IFs. There are changes in the IF sector when an institution joins the IF sector or when an existing IF leaves the IF sector. NCBs shall derive updates by comparing their national list of IFs at the end of two successive end-of-quarters, i.e. they shall not take into account intra-quarter movements. When reporting a new institution or an institution to be modified, NCBs shall complete all mandatory variables. When reporting an institution leaving the IF sector, NCBs shall report the following information as a minimum: the type of request, i.e. deletion, and the identification code of the IF, i.e. the “if_id” variable. Once a year, pertaining to the 31 December reference date, NCBs shall transmit an XML file specifically to report the net asset value (NAV) per IF. That is, the NAV shall be provided separately from changes to other IFs attributes. For all IFs, the following information shall be provided: the type of request, i.e. “if_req_nav”, the IF’s unique identification code, the NAV amount and the applicable NAV date. For any given reference date, information on any new IFs or changes to the identification codes of existing IFs shall be transmitted first to the ECB, prior to transmitting NAV information. Where possible, NCBs shall not reallocate IF identification codes of deleted IFs to new IFs. Where unavoidable, NCBs shall submit a written explanation to the ECB via the N13 Cebamail account at the same time as the IF record (using the “object_request” type “if_req_realloc”). When reporting updates, NCBs may use their national character set, provided they use the Roman alphabet. NCBs shall use Unicode to correctly display all special character sets when receiving information from the ECB via the RIAD Data Exchange System. Prior to the transmission of updates of the list of IFs to the ECB, NCBs shall carry out the validation checks set out in the relevant data exchange specifications.’ |
15. |
Article 24 is replaced by the following: ‘Article 24 Publication NCBs shall not publish national contributions to the monthly euro area monetary aggregates and their counterparts until the ECB has published these aggregates. Where NCBs publish such data, they shall be the same as data that contributed to the last published euro area aggregates. Where NCBs reproduce euro area aggregates published by the ECB, they shall reproduce them faithfully.’ |
16. |
Annexes III to VIII are amended in accordance with the Annex to this Guideline. |
17. |
In the Glossary, the following definition is inserted: ‘Branch of activity is an economic activity included in the statistical classification of economic activities in the European Community — NACE Rev.2 (8). |
Article 2
Entry into force
This Guideline shall enter into force on the 20th day following its publication in the Official Journal of the European Union.
It shall apply from 1 July 2010.
Article 3
Addressees
This Guideline applies to all Eurosystem central banks.
Done at Frankfurt am Main, 4 December 2009.
For the Governing Council of the ECB
The President of the ECB
Jean-Claude TRICHET
(1) OJ L 10, 12.1.2002, p. 24.
(3) OJ L 15, 20.1.2009, p. 14.
(4) OJ L 341, 27.12.2007, p. 1.
(6) OJ L 211, 11.8.2007, p. 8.
(7) In principle the balance sheet is drawn up as at the last calendar day of the month/quarter without regard to local bank holidays. In the many cases where this is not possible the balance sheet is drawn up at the end of the last working day in accordance with national market or accounting rules.’
(8) As set out in Annex I to Regulation (EC) No 1893/2006 of the European Parliament and of the Council of 20 December 2006 establishing the statistical classification of economic activities NACE Revision 2 and amending Council Regulation (EEC) No 3037/90 as well as certain EC Regulations on specific statistical domains (OJ L 393, 30.12.2006, p. 1).’
ANNEX
1. |
Annex III is amended as follows:
|
2. |
Annex IV is amended as follows:
|
3. |
Annex V is amended as follows:
|
4. |
Annex VI is amended as follows:
|
5. |
Annex VII is amended as follows:
|
6. |
Annex VIII is amended as follows:
|
(1) Reclassification adjustments are to be transmitted to the ECB for all cells; revaluation adjustments only for cells marked with a #.
(2) Only reclassification adjustments are to be transmitted to the ECB in respect of this table.
(3) Reclassification adjustments only apply in respect of cells 568 to 613; write-down adjustments apply throughout.’
(4) Central counterparties.
(5) Sole proprietors/unincorporated partnerships.
(6) Sole proprietors/unincorporated partnerships.
(7) OJ L 250, 2.10.2003, p. 10.’
(8) In the MFI balance sheet no distinction is made between deposits and loans on the asset and liability side. Instead, all non-negotiable funds placed with/lent to MFIs (= liabilities) are deemed to be in “deposits” and all funds placed by/lent by the MFIs (= assets) are deemed to be “loans”. However, the ESA 95 outlines the difference based on the criterion of who initiates the transaction. Where the borrower takes the initiative, the financial transaction must be classified as a loan. Where the lender takes the initiative, the transaction must be classified as a deposit.’
(9) “Other currencies” refers to all other currencies, including the national currencies of non-participating Member States.’
(10) ESA 95 category F.33.
(11) ESA 95 category F.511.
(12) Block A for NCBs and Block B for the BIS.’
(13) An annualised agreed rate (AAR) or narrowly defined effective rate (NDER) is reported for the categories included in Table. The reporting of the AAR/NDER is accompanied by the related new business volumes if indicated in the Table by the word “amount”.
However, in the case of revolving loans and overdrafts and convenience and extended credit card debt, the concept of new business volumes is equivalent to outstanding amounts.
Indicators 24 to 29 are calculated on the basis of items 37 to 54 in Appendix 2 of Annex II to Regulation (EC) No 63/2002 (ECB/2001/18). Interest rates are calculated as weighted averages of the corresponding items in Appendix 2 of Annex II to Regulation (EC) No 63/2002 (ECB/2001/18) while new business volumes should be sum of the corresponding items in Appendix 2 of Annex II to Regulation (EC) No 63/2002 (ECB/2001/18).
(14) An annualised agreed rate (AAR) or narrowly defined effective rate (NDER) is reported for the categories included in the Table. The reporting of the AAR/NDER is accompanied by the related new business volumes if indicated in the Table by the word “amount”.
However, in the case of revolving loans and overdrafts and convenience and extended credit card debt, the concept of new business volumes is equivalent to outstanding amounts.
Indicators 86 and 87 are calculated on the basis of items 12, 23, 32 and 36 in Appendix 2 of Annex II to Regulation (EC) No 63/2002 (ECB/2001/18), and the outstanding amounts reported for convenience and extended credit card credit and revolving loans and overdrafts in accordance with Regulation (EC) No 25/2009 (ECB/2008/32). Interest rates are calculated as weighted averages of the corresponding items in Appendix 2 of Annex II to Regulation (EC) No 63/2002 (ECB/2001/18), taking a zero interest rate for convenience credit card credit. Indicators 86 and 87 are intended to provide continuity with the indicators 12 and 23 (overdrafts) as previously defined in Regulation (EC) No 63/2002 (ECB/2001/18), i.e. prior to their amendment by Regulation (EC) No 290/2009 (ECB/2009/7).’
(15) End of period.’
(16) As from June 2010 end-month reference period (2011 data submission).
(17) Total value of credit extended by the central bank to credit institutions and reimbursed within a period of less than one business day. This is the average of the daily maximum value of simultaneous and actual intraday overdraft positions or drawings on intraday credit facilities during the day for all credit institutions taken together. All days in the maintenance period, including weekends and bank holidays, are considered in the average.
(18) If a non-MFI maintains several accounts, each account is counted separately.
(19) As from 2010 end-year reference period (2011 data submission).
(20) Each institution is counted once, irrespective of the number of offices it maintains in the country. The sub-categories of institutions are mutually exclusive. The total number of institutions is the sum of all sub-categories. Institutions are included from the first time that they are reported to the ECB for the purposes of MFI statistics.
(21) As from Q2 2010 end-quarter data reference period (2011 data submission).
(22) OJ L 237, 8.9.2007, p. 1.
(23) OJ L 18, 23.1.2006, p. 1.’
(24) End of period, original units.’
(25) Write-offs/write-downs on loans for which the MFI acts as a servicer may occur because the loans are still subject to on-balance sheet recording, either on the individual accounts of the MFI or at group level, and the servicing data reported to the NCB is sourced from these. They may also occur when the servicer must state a reduced principal loan balance for impaired loans in order to be in compliance with the investor agreements.’
(26) Unless explicitly stated otherwise, the term “mergers” refers to domestic mergers.’
(27) Unless explicitly stated otherwise, the term “mergers” refers to domestic mergers.
(28) Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 375, 31.12.1985, p. 3).
(29) International securities identification number: a code uniquely identifying a securities issue, composed of 12 alphanumeric characters.’
(30) International Securities Identification Number: a code uniquely identifying a securities issue composed of 12 alphanumeric characters.’